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Get Out Of Debt
By: Dilip Shaw
It is said that a pet tiger cub can become dangerous if it tastes blood. It will
stop at killing no one, not even the people who brought it up. Similarly, once
we get the taste of money and the freedom of purchasing through credit, we seem
to know no bounds. What do we land up with? Heaps and heaps of debt.
Most of us feel rich at the beginning of the month and end up feeling like worms
at the end of it. To relieve us of this feeling, credit cards have made their
entrance with full gusto. And we have been literally swept off our feet. We can
afford to be rich even on the last day of the month. We can buy whatever we want
for the kids, for the house and for ourselves, credit cards showing us the green
signal all along. Little do we think of the unpaid bills ready to storm us
anytime the following month.
OK. Now, its paytime folks! Have you seen the first Harry Potter movie? The
scene in which sealed letters for Harry, from Hogwarts, begin to pour into the
house from all openings and outlets? Unpaid credit card bills begin to pour into
our lives just like that. Lightning strikes on a bright sunny day and darkens
our lives big-time. There are two clear roads for you to take. One, mortgage
everything you have, sell all valuables, take your children out of school, sell
your car - in one word, commit suicide. The other way is to think wisely (at
least this time) and look for ways to get out of debt.
One of the first things people think of doing is file bankruptcy. This is again
one of the biggest mistakes anyone can make. For a debt of $7000, you will end
up ruining your credit score forever. And the social and psychological pressure
of bankruptcy is not a matter of joke. Meanwhile, creditor calls are causing you
sleepless nights. What's the best way out? Consolidate all your debts. Contact a
local but well-known debt consolidation firm and take their advice and help.
Debt consolidation programs condense multiple debts into one and reduce your
debts. They contact your creditors and make them stop calling you. Then they
make you pay one low payment every month and eliminate debts much faster than
you would have done on your own. Debt consolidation programs not only eliminate
debts but they also draw up a budget for you. If you follow this budget, you can
become debt-free in months and never ever incur debts again.
Of course, in keeping with the saying, prevention is better than cure, you
should try and not get into debts in the first place. True, easier said than
done, but it is not wholly impossible. Make a list with two columns. One has
details of your income and the other, your expenses. Do away with anything you
want, but don't really need. You want to go for a trip abroad, but you need a
new dishwasher. Go for the dishwasher. Whatever you are left with after paying
all your bills, try keeping your money in the bank. If possible, open a savings
account. This is a good way of paying your self instead of paying creditors.
Careful and wise thinking not only saves you a lot of trouble, but it also keeps
you out of debt. If required, keep your credit cards out of reach. When you go
out shopping, make a list beforehand and calculate the amount you need to spend.
Carry cash, if it is very difficult to resist temptations. This will make you
yearn for things you would love to own but, in the long run, it will save you
from untold miseries. Small sacrifices have always saved the world. Make smaller
sacrifices to protect your world from crumbling down. To get out of debt, don't
get into it in the first place!
About the Author:
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